Home Buying Tips
Select a qualified real estate agent. Find someone with solid qualifications in residential real estate to help you find a home, whether you are purchasing your first home, upsizing or downsizing, buying new construction, or a vacation home. Your agent should also give you advice about how to shop for the right loan, a home inspector, and homeowners insurance.
Get prequalified with a good mortgage company. Shop around just as you would shop for any other product, not all lenders offer the same types of loan programs. Ask about the different kinds of loans each mortgage company offers and how those loans will work for you. How long you are going to live in a home may be a deciding factor in which type of loan you want to use. And keep in mind that it’s a good idea not to allow anyone to check or “pull” your credit until you have decided which mortgage company you are going to use.
Communicate. Through a series of questions, your agent can establish whether a particular area or property will best fit your needs and desired price range. Generate a list of needs, must-have features, and wants and convey these to your agent. To help you make an informed decision, your real estate agent should help you find information on local schools, hospitals, and other area’s of interest.
Do your homework. Research the area’s you are interested in, access to interstates and main roads, and proximity to workplaces and schools. Also look at monthly estimates for water, sewage, electricity, and gas; estimate annual property taxes; and the potential for property value appreciation through comparisons of home sales in the area.
Review the sales/purchase contract thoroughly. Make sure you understand all of the language and fine print.
Arrange for a complete home inspection. have the home inspected thoroughly including structure and heating & air conditioning. Your real estate agent should provide a list of qualified home inspectors. Allow several hours for the home inspection. Have your agent prepare a detailed repair list for the seller, repairs should be at the sellers expense if possible. And conduct a final walk-through in all cases including new construction.
Shop for homeowners insurance. Shop for homeowners insurance just as you would shop for a loan. Your home must be insured for the full term of the loan. You can have your homeowners insurance added into your monthly mortgage payment in most cases.
Go to the closing. Review all closing documents carefully. Closing cost can be shared by both buyer and seller or paid by one party, depending on the terms of the sale/purchase contract. These costs usually include attorney fees, recording of the deed and mortgage, title search, and fees charged by the mortgage company to process the loan.
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